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How to Clear Your Education Loan Fast

By SiliconIndia   |   Wednesday, May 30, 2012   |    2 Comments
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Bangalore: Student loans dangle like swords over the heads of not only parents but also students. A dream college or job can turn into a nightmare if education loan is not repaid on time. So, here are some ways to help you clear your education loan ASAP, as given by Preeti Kulkarni of the ET Bureau –

1. Plan for Your Finances

Even if you hate to plan for anything and are a very spontaneous person, you can’t circumvent planning for your finances. Thorough planning is something that will help you clear your loans in no time. It’s also extremely important to pay off parts of your debt as soon as you get your first pay cheque. This way you will be debt free faster.

Mukund Seshadri, Certified Financial Planner & Partner at MS Ventures Financial Planners, says, "As part of your repayment strategy, prepayment of the loan should be the top priority. But, at the same time, the student should get into a compulsory savings mode in any secured savings instrument so that s/he accumulates a corpus every year to settle the loan faster."


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Reader's comments(2)
1: Good advice but difficult to implement.
Dr.A.Jagadeesh Nellore(AP),India
Posted by:Anumakonda - 19 Jun, 2012
2: Good to know but the loan amounts at times can be very big to pay off..
Posted by:Richa - 30 May, 2012
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